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April 10, 2002

Klaveness takes over Maersk Bulk geared Panamax activitiesA.P. Møller is looking to reduce its exposure in the dry bulk sector, focusing its resources on the areas where the company owns tonnage.
It has reached an agreement that will see the Torvald Klaveness Group take over all tme charter agreements and all cargo contracts related to Maersk Bulks geared Panamax activities.The agreement does not include Maersk Bulks gearless Panamax and Capesize activities.

The Torvald Klaveness Group will take over a fleet consisting of 13 modern geared and grabbed vessels serving industrial clients world-wide.

The take-over will be effected, on a vessel by vessel basis between June and August 1, 2002.

The objective for Klaveness is to develop further synergies with its existing Pools of Bulkhandling and Baumarine, enabling it to offer cargo clients a broader dry bulk transportation service.